Bitcoin's price took a rollercoaster ride on July 8, dropping 7% to $53,354 before rallying back up 7% to $58,215 in less than 8 hours. This rapid recovery wiped out $96 million in short positions, catching bears off guard. The price fluctuation is believed to be influenced by the German government's transfer of 16,308 BTC to market makers and exchanges, reducing selling pressure. However, market uncertainty remains due to potential impacts from the Mt. Gox bankruptcy estate distributing coins and the failed FTX exchange distributing cash to investors. Despite this, Bitcoin derivatives continue to show moderate bullishness, hinting at a possible reclaiming of $60,000 soon.